Clunkers: Taxpayers Paid $24,000 Per Car
“A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, according to an analysis released Wednesday by the automotive Web site Edmunds.com…
“The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, according to Edmunds.com. That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales…
“Emunds.com’s projection indicates that, without Cash for Clunkers, October’s sales increase would be even higher.”
http://money.cnn.com/2009/10/28/autos/clunkers_analysis/index.htm
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Scott Spiegel
